CORRECTING and REPLACING ExxonMobil Plans More Than 20 Project Start-Ups Through 2009 Adding to Industry's Largest Global Resource Base
NEW YORK--(BUSINESS WIRE)--
Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
EXXONMOBIL PLANS MORE THAN 20 PROJECT START-UPS THROUGH 2009 ADDING TO INDUSTRY'S LARGEST GLOBAL RESOURCE BASE
Exxon Mobil Corporation (NYSE:XOM) Chairman and CEO Rex Tillerson told analysts today at the New York Stock Exchange that the company expects to start up more than 20 new global projects in the next three years that, at peak, are expected to add 1 million oil equivalent barrels per day to ExxonMobil's base volumes. The project inventory at year-end 2006 is expected to develop 24 billion oil-equivalent barrels net to ExxonMobil.
Tillerson noted that ExxonMobil's financial strength, technological expertise, and superior resource base allow it to meet the challenges of today's increasing demand for energy while delivering industry-leading returns.
"Market and geopolitical forces continue to shape the environment in which we operate," said Tillerson. "Our view of what it takes to be successful in this industry has not changed. It requires consistency, integrity, discipline, reliability and ingenuity. ExxonMobil has these qualities in abundance."
"Our focus on proprietary research delivers competitive advantage. It creates resource opportunities through cost-effective solutions in challenging environments and allows us to develop innovative products and new and improved manufacturing processes in the Downstream and Chemical businesses," Tillerson said. "We continue to prudently invest more in technology than our competitors. In 2006, we spent more than $700 million and have invested more than $3 billion since 2002. This consistent level of investment demonstrates our commitment to invest in technology development for the long term."
Delivering Superior Results
When it comes to delivering superior return on investments, Tillerson pointed out that ExxonMobil led the industry in 2006 with return on capital employed (ROCE) of 32 percent. "We continued our superior performance with a 5-year average ROCE of 24 percent and have increased the gap between ourselves and competition," said Tillerson. "Our 2006 ROCE was 50 percent higher than our competitors."
Investing in People
"Delivering a high level of performance requires outstanding people," Tillerson said. "We need people who are bright, creative and unafraid to embrace change, people who excel in international business environments and who value the diversity of talents and abilities that exist throughout our corporation and in our partners around the globe."
This is the fifth year that ExxonMobil has made an annual presentation to analysts at the New York Stock Exchange.
CAUTIONARY STATEMENT: Expectations and business plans in this release are forward-looking statements. Actual future results, including resource recoveries and project plans and schedules, could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; reservoir performance; timely completion of development projects; technical or operating factors; and other factors discussed under the heading "Risk Factors in Item 1A of ExxonMobil's most recent Form 10-K and posted on our website (www.exxonmobil.com). References to volumes of oil and gas in this release include quantities that are not yet classified as proved reserves but that we believe will be produced in the future. See the "Frequently Used Terms" posted in the Investor Information section of our website for more information on our definition of "resource base" and calculation of ROCE.
Source: Exxon Mobil Corporation
Released March 7, 2007